Eligible Unbilled Accounts Receivable means all Accounts from Government Contracts or a prime contractor on a Government Contract that would otherwise be Eligible Accounts Receivables and with respect to which the sale of Inventory has occurred or the rendering of services has been performed and the payment obligations therefore are owing but which have not yet been invoiced in the ordinary course of business.
Eligible Unbilled Accounts Receivable all Accounts created by the Borrower (net of any credits, rebates, offsets (including, without limitation, any offset relating to any forward contract marked-to-market loss), holdbacks or other adjustments or commissions and reduced by any sales, use, excise or other taxes, imposts, levies or other governmental charges included therein) which would qualify as Eligible Accounts Receivable – Tier 1 or Eligible Accounts Receivable – Tier 2 but for the fact that an invoice has not yet been issued by the Borrower to the applicable Account Debtor, provided, that (a) even if no other services were performed or goods delivered to the Account Debtor, the Borrower has the right to issue an invoice to the Account Debtor for services performed or goods delivered prior to the date as of which Eligible Unbilled Accounts Receivable is determined, (b) no Eligible Unbilled Accounts Receivable shall be included in Eligible Accounts Receivable – Tier 1 or Eligible Accounts Receivable – Tier 2 and (c) upon the issuance of an invoice for any such Account, such Account shall no longer be an Eligible Unbilled Account Receivable. The amount of Eligible Unbilled Accounts Receivable shall be equal to the amount that would be included as Eligible Accounts Receivable – Tier 1 or Eligible Accounts Receivable – Tier 2 upon the issuance of an invoice therefor. Notwithstanding the foregoing, the aggregate amount of Eligible Unbilled Accounts Receivable included in the Borrowing Base at any time, after giving effect to the applicable advance rate, shall not exceed $20,000,000.
Eligible Unbilled Accounts Receivable means with respect to any Person, the accumulated work in progress costs under percentage-of-completion contracts that have been recognized in accordance with GAAP as cost of sales that are not yet able to be billed to the customer under the terms of the applicable contract, as deemed by Agent in the exercise of its Permitted Discretion to be eligible for inclusion in the calculation of the Borrowing Base. Unless otherwise approved in writing by all Lenders, an item of unbilled accounts receivable shall not be included in Eligible Unbilled Accounts Receivable if it is not subject to a valid and perfected First Priority Lien in favor of Agent, does not otherwise conform to the representations and warranties contained in the Loan Documents or to the extent constituting an Advance Payment Liability; provided that Agent, in the exercise of its Permitted Discretion, may impose additional restrictions (or may in the exercise of its reasonable discretion eliminate the same) to the standards of eligibility set forth in this definition. In determining the amount to be so included, the face amount of such Accounts shall be reduced by the amount of the applicable portion of the Static Reserve then in effect.
Examples of Eligible Unbilled Accounts Receivable in a sentence
Each Account reflected in the computations included in any Borrowing Base Certificate meets the criteria of the definition of Eligible Account Receivable or Eligible Unbilled Accounts Receivable, except as disclosed in such Borrowing Base Certificate or as disclosed in a timely manner in a subsequent Borrowing Base Certificate or otherwise in writing to Administrative Agent.
The amount of Eligible Raw Materials Inventory and Eligible Work-in-Process Inventory and the determination as to which accounts receivable constitute Eligible Billed Accounts Receivable and which constitute Eligible Unbilled Accounts Receivable to be included on each Borrowing Base Certificate shall, absent a request from the Agent that such amounts be calculated more frequently, be the amount that is calculated and updated monthly pursuant to subsections (e) and (f) below.
Up to 90% of eligible Billed Accounts Receivable and up to 75% of Eligible Unbilled Accounts Receivable.
More Definitions of Eligible Unbilled Accounts Receivable
Eligible Unbilled Accounts Receivable means all Receivables arising from work actually performed by any Borrower pursuant to a Government Contract or Government Subcontract which (a) are eligible to be billed to the Government or Prime Contractor (as applicable) in accordance with the applicable Government Contract or Government Subcontract (as applicable) within thirty (30) days of the “as of” date of the applicable Borrowing Base/Non-Default Certificate (with no additional performance required by any person, and no condition to payment by the Government or Prime Contractor (as applicable), other than receipt of an appropriate invoice); (b) have not been billed to the Government or Prime Contractor (as applicable) solely as a result of timing differences between the date the revenue is recognized on such Borrower’s books and the date the invoice is actually rendered; (c) may, in accordance with GAAP, be included as current assets of such Borrower, even though such amounts have not been billed to the Government or Prime Contractor (as applicable); and (d) are not Ineligible Receivables.”
Eligible Unbilled Accounts Receivable collectively, all Eligible Tier I Unbilled Accounts Receivable and all Eligible Tier II Unbilled Accounts Receivable.
Eligible Unbilled Accounts Receivable means the gross amount of the Company's Trade Accounts Receivable (other than TBV Receivables) that constitute Eligible Accounts Receivable except that such Trade Accounts Receivable are either (a) evidenced only by a preliminary invoice, not delivered to the relevant customer, or (b) are reflected on the Company's Billing Cumulative Report, in each case in sufficient detail and with back-up that is acceptable to CIT. None of the Company's Trade Accounts Receivable shall constitute Eligible Unbilled Accounts Receivable on any date more than forty (40) days past the applicable date service was rendered in respect thereof. All Eligible Unbilled Accounts Receivable of any airline or the United States of America, any state or other governmental entity, agency, department or division thereof shall be acceptable to CIT in the exercise of its reasonable credit judgment.
Eligible Unbilled Accounts Receivable means each Eligible Account Receivable arising in the ordinary course of business of the Companies that is not an Eligible Billed Account Receivable and for which an invoice, statement or other billing document has not yet been created or sent, provided, any such receivable shall cease to be an Eligible Unbilled Account Receivable on the earlier of (i) the date on which it becomes evidenced by an invoice, statement or other billing document which is satisfactory to Agent or (ii) thirty (30) calendar days after the services covered by such receivable were rendered. Equipment shall mean all present and hereafter acquired equipment (as defined in the UCC) including, without limitation, all machinery, equipment, rolling stock, furnishings and fixtures, and all additions, substitutions and replacements thereof, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto and all Proceeds of any of the foregoing.
Eligible Unbilled Accounts Receivable means for a period up to 30 days after the date that the Credit Parties constituting part of the ISG division and the US Credit Parties constituting part of US Ferrous division completed the work with respect thereto and carried on the books of the Borrowers and their Subsidiaries, an account for which an invoice has not been rendered by the Credit Parties which would otherwise be an Eligible Account Receivable had an invoice been rendered on the date of such completion; provided that the aggregate amount of such Eligible Unbilled Accounts Receivable shall not exceed $20,000,000.
Eligible Unbilled Accounts Receivable means Accounts Receivable which meet each of the requirements of (a), (d) through (g), and (i) through (k), and (m) through (q) of Eligible Billed Accounts, and the requirement that it is not a Government Account, unless the Federal Assignment of Claims Act of 1940 applies thereto, and all necessary steps are taken to comply with the Federal Assignment of Claims Act of 1940, as amended, and with any comparable state law, if applicable, and all other necessary steps are taken to perfect Bank's security interest in such account; provided, however, that the foregoing shall not apply with respect to any Government Account arising under a contract for the provision of goods and services for less than $500,000, up to an aggregate amount of $1,000,000. An Account Receivable which is at any time an Eligible Unbilled Account Receivable, but which subsequently fails to meet any of the foregoing requirements, shall forthwith cease to be an Eligible Unbilled Account Receivable unless and until it meets all of the foregoing requirements again.
Eligible Unbilled Accounts Receivable means an Account Receivable which satisfies all of the standards of eligibility for an otherwise Eligible Account Receivable except that an invoice for such Account Receivable has not been rendered to the applicable Account Debtor, provided that (i) the invoice for such Account Receivable is rendered to the Account Debtor within 7 days of the date on which the rendition of services has been completed and (ii) for purposes of this definition of Eligible Unbilled Accounts Receivable, all references in the definition of Eligible Accounts Receivable to "invoice date" shall mean the date the rendition of services is completed.